Safeguard Eyes US$12M ICO For AI System And Blockchain-Based Safety Data Marketplace
Safeguard, a safety-tech startup from the Netherlands, is looking to raise 30,000 ETH (US$12 million) in an initial coin offering (ICO) to fund the development of an artificial intelligence (AI) system and the so-called Safety Data Marketplace.
Safeguard currently offers a crisis communication platform for small and large organizations to manage safety practices. The startup claims it serves 31 organizations with almost 2,000 users.
The future AI system will be able to predict hazardous workplace incidents and injuries based on Internet-of-Things (IoT) technology and historical data. It will learn from the data gathered from the Safety Data Marketplace and other integrations and will preemptively send notifications to certain people whenever there is a possible high-risk situation.
Safeguard’s CTO Gertjan Leemans cites the use case example of a construction or building site whereby the AI system would be able to apply live data relating to the weather, time of the day, hardware machinery and other variables to determine whether or not a safety risk is posed and what the likelihood or an accident or injury is.
Built on blockchain technology, the Safety Data Marketplace will enable businesses to share their safety-related data in exchange for Safeguard Tokens (SGT), an ERC-20 based utility token.
SGT will be used to facilitate data exchanges and purchases within the marketplace. Organizations that want to utilize the system to predict accidents within their daily operations will be required to hold a certain amount of SGT.
Safeguard has partnered with Startupbootcamp, a network of industry-focused startup accelerators, to support it during its token sale. Safeguard has also applied for the Startupbootcamp Smart City & IoT program, which will begin after its token sale. Startupbootcamp Smart City & IoT’s managing director Manuela Krull has joined the startup as an advisor.
“Because our new AI feature and the underlying economy need to be developed from the ground up, we want to attend this program to make sure we are in an environment surrounded with mentors, corporate partners and other IoT solutions that enables us to make the best decisions possible,” Ingmar Vroege, co-founder and CEO of Safeguard, told Silicon Canals.
“An important success factor of our platform will be the collaboration with partners like insurance companies and other corporate organizations that are willing to buy our data. Startupbootcamp will give us the possibility to get warm introductions into their corporate network, which makes it easier for us to find partners and potential customers to work with.”